Term
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Definition
| Moral principles and values which govern a person or group of people. |
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Definition
When the values of society have been formalized, with specific penalties for violating ie. legal code.
Must be wide agreement for ethics to become laws. |
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| Colleges and aid packages agreed to set cap in biding agreements, but price fixing is ethical but illegal. |
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Term
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Definition
| Prior to 1960s - Caveat Emptor (let the buyer beware). |
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Term
| Ethics of Exchange - JFK's Comsumer Bill of Rights |
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Definition
(1962)
Safety - Consumer Product Safety Commission increased scrutiny due to lead in toys, who decides what is safe.
Be informed - FTC required full and factual information
Choose - readily available, not restricted
Be Heard - don't buy, protest to Better Business Bureau, social networking venues (ie recent piracy issues) |
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Term
| Why is Fully-Informed Key Area in Ethics |
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Definition
| Because marketers try to slant truth because people may not buy their product - fat free but all sugar, wheat bread, but not whole wheat, cell phones and mortgages fine print. |
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| Made theft of trade secrets a federal crime. |
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| Foreign Corrupt Practices Act |
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Definition
| Made it a crime to bribe a foreign official. |
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| Personal Moral Philosophy - Moral Idealism |
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Definition
| Correct way to act and people should act that way regardless of any personal harm. Blow whistle even if you lose your job. |
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| Personal Moral Philosophy - Utilitarianism |
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Definition
Greatest good for the greatest number (cost vs benefit).
The needs of many outweigh the one. Air bags help more people than they hurt. |
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Term
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Definition
Need to make profits overshadow ethics.
survivor anything goes (lies) for money
consumers copy videos and then return
buy TVs before superbowl then return
false insurance claims (bus)
All hurt companies, but consumers pay |
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Term
| How to eliminate unethical behavior in exchange |
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Definition
Government laws - require defects disclosure in houses before selling.
Consumers demand - don't buy from unethical sellers
Fully informed (Truth and Labeling Law) - customers can fully evaluate the exchange |
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